How to withdraw large amounts from saving account? Follow these tips for seamless transactions
Relying solely on ATMs and UPI for large cash withdrawals isn't always feasible. This guide explores how to withdraw substantial amounts from your bank account safely and efficiently.
FollowHow to withdraw large amounts from the bank?
ATM withdrawals and UPI transfers have transaction limits. These methods may not be suitable for large cash needs.
This guide explains how to withdraw large sums, the available methods, and important considerations.
Check your balance:
Before a large withdrawal, ensure sufficient funds in your bank account.
Use internet banking, a mobile app, or update your passbook at the branch to check your balance.
Inform the bank in advance:
For withdrawals between Rs 2 lakh and Rs 10 lakh via cheque or passbook, notify your bank beforehand.
Transparency with your bank account details is crucial. Prior notice ensures sufficient cash reserves and security arrangements.
Required Documents:
Large withdrawals may require documentation like Aadhaar, PAN card, address proof, chequebook, or passbook.
A PAN card copy is mandatory for withdrawals exceeding Rs 2 lakh.
Online Options:
NEFT, RTGS, and IMPS facilitate large online transfers with low fees. These ensure transaction transparency and security.
Demand Draft:
Demand drafts are recommended for large sums. They prevent discrepancies in individual transactions and simplify fund tracking for banks.
Always adhere to rules and security measures for large withdrawals. Use these methods for secure transactions.
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